From Illinois Business Journal news services
CLAYTON, Mo. – Olin Corp. announced today that it has received all the foreign regulatory approvals required to close its pending merger of The Dow Chemical Co.’s chlorine value chain with Olin.
The transaction is still subject to Olin shareholder approval and other customary closing conditions and is expected to close by the end of the year.
Dow and Olin entered into a definitive agreement, announced March 27, under which Dow will separate its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses, and then merge these businesses with Olin in a Reverse Morris Trust transaction. The merger will result in Dow shareholders receiving at least a majority of the shares of Olin, with existing Olin shareholders owning the remaining shares.
Dow offers specialty chemical, advanced materials, agrosciences and plastics products and solutions to customers in approximately 180 countries. In 2014, Dow had annual sales of more than $58 billion and employed approximately 53,000 people worldwide.
Olin Corp. is a manufacturer concentrated in three business segments: Chlor Alkali Products, Chemical Distribution and Winchester. Chlor Alkali Products, with eight U.S. manufacturing facilities and one Canadian manufacturing facility, produces chlorine and caustic soda, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. Chemical Distribution manufactures bleach products and distributes caustic soda, bleach products, potassium hydroxide and hydrochloric acid. Winchester, with its principal manufacturing facilities in East Alton and in Oxford, Miss., produces and distributes sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.